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Air Liquide case study

EOS Engagement Impact

Fast reading

  • Air Liquide has accelerated its ambitions with key commitments on climate.
  • We welcome the key announcements made during the sustainability strategy day, but since Scope 3 emissions represent approximately 40% of the company’s total emissions we continue to press for a long-term goal across the entire value chain with interim targets.

EOS has been engaging with Air Liquide since 2009 on a range of issues, including sustainability, remuneration and board effectiveness.

We have co-led the Climate Action 100+ (CA100+) engagement with Air Liquide since 2018, and we met with the head of sustainability and the head of investor relations in 2018, 2019 and in 2020. We asked the company to start reporting against the recommendations of the Task Force on Climate-related Financial Disclosure (TCFD), to make a public long-term commitment for the achievement of net-zero emissions across its entire value chain, and to set science-based targets.

We escalated our engagement in 2021, ahead of an update on the sustainability strategy. We asked for greater disclosure on the significant categories of Scope 3 emissions, for an explanation of how the company contributes to emissions avoided for its customers, and for a quantitative ambition in the low carbon markets that support the energy transition.

During its sustainability strategy day in March 2021, we were pleased that the company committed to achieve carbon neutrality by 2050. Additional information on the significant categories of Scope 3 emissions was also provided.

Since Scope 3 emissions represent approximately 40% of the company’s total emissions, we continued to press for a long-term goal across the entire value chain with interim targets. Air Liquide expects that the engagement with Science-Based Targets initiative on chemical sector SDA development will bring robust methods around which Scope 3 commitments can be made. We also continue to press for enhanced reporting to align with TCFD reporting recommendations and with the CA100+ Net-Zero Benchmark.

Case studies are shown to demonstrate engagement, EOS does not make any investment recommendations and the information is not an offer to buy or sell securities.

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EOS Client Service and Business Development

Amy D’Eugenio,
Head of Client Service and Business Development, EOS